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Copper miner Antofagasta has drawn a line under the downturn in the metals market by declaring a better-than-expected dividend.

The Chile-based mining group has proposed a final dividend of 15.3 cents a share, for a full-year payout of 18.4 cents. This represents 53pc of underlying earnings, well above its minimum commitment of 35pc. Last year it cancelled its dividend in the face of a sharp slump in profits.

Iván Arriagada, the chief executive, who has been in post for almost a year, said rising production and falling costs, rather than a strong copper prices, were behind the “solid set of results”.

Chile is home to some of the world's biggest copper mines

“Production was up 12.5pc, and also costs were down - it’s a very virtuous combination,” Mr Arriagada...